ECON – Exam 2 Practice Test (Part I: Multiple Choice)

ECON – Exam 2 Practice Test (Part I: Multiple Choice)

University

20 Qs

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ECON – Exam 2 Practice Test (Part I: Multiple Choice)

ECON – Exam 2 Practice Test (Part I: Multiple Choice)

Assessment

Quiz

Social Studies

University

Practice Problem

Easy

Created by

Alex Hunt

Used 4+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GDP measures:

Total income of citizens

Market value of all final goods/services produced within a country

Total exports minus imports

Value of intermediate goods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT included in GDP?

Final goods

Services

Intermediate goods

Government spending

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which method is NOT used to calculate GDP?

Expenditure approach

Income approach

Value-added approach

Production possibilities approach

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a component of the expenditure approach?

Depreciation

Net exports

Transfer payments

Underground economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Nominal GDP differs from real GDP because:

It includes depreciation

It adjusts for inflation

It uses current prices

It excludes exports

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Real GDP would be understated if which of the following occurs?

Non-market transactions are not included in GDP calculations.

All goods and services are accurately measured.

Inflation is overestimated in the deflator.

Underground economic activities are fully reported.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Net Domestic Product (NDP) is calculated by:

GDP + depreciation

GDP - depreciation

GDP × inflation

GDP - net exports

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